38. Which of the following account statements regarding assets is not true?

Q: What is debit

A: Debit is an entry recorded in the left side column of an account.

Q: Expense Recoognition: What does it mean when assets are "expensed"? Why do costs do not qualify as…

A: Expense recognition refers to the accounting process of recording expenses in the financial…

Q: What are those short-lived assets?

A: Short Lived Asset A short lived asset is an asset that's to be sold , converted to money, or…

Q: What if noncurrent asset is not a subtitle I can chose from? Is there another heading I can use or…

A: The non-current assets means those assets which are not current assets, i.e. they would benefit the…

Q: Which one of the following is not one of the factors in computing depreciation? Cost price…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Which of the following would not be classified as a current asset? Prepaid expenses Plant, property…

A: Current assets are those assets which are already in cash or can be converted into cash into short…

Q: 2. Which assets may be excluded from current assets?

A: Definition:   Current assets: The assets which could be converted into cash within one year like…

Q: What are the long-term assets which do not have any physical existence? A. Intangible Assets B.…

A: Tangible Assets:These assets are physical, measurable Resources; like Property, Plant &…

Q: What are the two types of claims against assets?

A: Asset is a resource from which the company expected to generate future economic cash flows which can…

Q: What are permanently restricted net assets?

A: The permanently restricted net assets are held by the non-profit organizations.

Q: Which of the following associations would most likely describe the relationship between an internal…

A: Economic Event: Economic event means events which include transferring the ownership of resource…

Q: Differentiate between Current Account vs Capital Account.

A: Account: A record, that documents or records the changes in assets, liabilities, or equity for a…

Q: What are fictional assets, and how do they work?

A: Asset is such resources that has future benefits. It has two types:- tañgible , intangible.…

Q: Do the terms 'debit' and 'credit' signify increase or decrease or can they signify either? Explain.

A: Debit and credit are fundamental accounting terms used to record financial transactions in…

Q: Is there an answer for questions 4,5,6, and 7 of the problem above?  Total Assets? Total…

A: As you've asked 4 questions, According to Bartleby policy only first 3 can be answered : 4.) Total…